Dimas Timmers

Interesting paper on the next level of AI ethics. Heterogeneity problem and how could AI help alleviate the issues around informational and behavioral gaps to aid markets to deliver better. Actually, this is similar to 90s when we were discussing how internet would be solving the issue of information gaps and allow markets to function efficiently as per the premise of the (neoliberal) economic models. That failed to deliver and now the hope is AI will be able to address these gaps to enable markets to function efficiently which will benefit all, and not a certain group (human welfare), with help of regulation. Well, one can only hope.

Ana Zucato knows how to fight her corner! She’s the cofounder and CEO of Brazilian neobank, Noh, which I have previously described as ‘a lifestyle bank for couples’ (see https://lnkd.in/dfCrqVSX). But this proposition is proving to be as much a challenge as an opportunity. So today (4/12/24) Ana banged the drum on her LinkedIn feed to try to dispel the myth that a bank just for couples is too niche. I must admit, that was my worry when I first heard about Noh, but Ana has since convinced me otherwise. She makes three what she sees as compelling arguments. First, ‘couples’ are not a niche target market. She reckons up to 80% of the Brazilian adult population are in some sort of couples relationship; and second, even if you are not in a relationship today, one day the chances are you will be. But it’s her third argument that I think is key. Ana presents Noh as a ‘horizontal’ bank – a sort of ‘overlay’ bank, built by design to use Open Finance to link to users’ accounts with other banks, both traditional and neo (see pic below). Indeed, she says you should think of Noh as ‘seu primeiro segundo banco’ (your first second bank). That’s a great strapline! It’s also a nod to the reality that Noh – in common with most other neobanks – does not yet offer the full range of financial services that established players offer. These services take time to build. In Noh’s case, Ana is creating a network of partner financial services organisations that expand Noh’s offerings, rather than build the services in-house. Other neobanks make use of ‘neobank as a service’ suppliers, such as Celcoin, the Brazilian banking infrastructure software startup presciently founded in 2016 by former banking industry CTO, Marcelo França Corrêa, which raised $125m in a Series C funding round in June this year. Both strategies for bank-building are perfectly valid. I see partnering as being the quicker route to market, whereas ‘NbaaS’ (Neobank as a service – geddit?) offers a more bespoke ‘white label’ approach. Whichever suits best. Ana Zucato is, rightly and relentlessly, front and centre of Noh’s market visibility. Judging from the hundreds of ‘likes’ and multiple comments on her LinkedIn post, she is making real headway in changing the hearts and minds of the sceptics.

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I have a unique list of places to visit, ranging from natural landscapes to tech centers and research facilities. One place at the top of my list was the Sirius synchrotron light source in Campinas, Brazil, the second brightest in the world. I recommend you read this recent piece (https://lnkd.in/dcfucTcr) about Sirius, on how AI turbocharges the particle accelerator and green hydrogen in the capital of science. Reading the piece about Campinas, a city 100 km from São Paulo, reminded me of its remarkable tech-oriented and science-dense economy. Home to one of Brazil's top universities and numerous deep-tech companies with global ambitions, Campinas offers a unique blend of globally-minded tech entrepreneurship and world-class science. Big science projects like Sirius are essential for advancing knowledge and driving innovation. At the GFCC | The Global Federation of Competitiveness Councils, we highlighted this in the "Leveraging Extreme Innovation" report (https://bit.ly/3Wes9a5), analyzing 17 transformational tech projects worldwide, including Sirius. These projects push the boundaries of science, technology, and business, leading to market innovations. Sirius is part of the Brazilian Center for Research in Energy and Materials (CNPEM), a major science infrastructure with global relevance. Notably, CNPEM operates as a private non-profit, showcasing the importance of institutional innovation. Innovation in institutions is crucial for emerging nations, especially in Latin America. Hugo Resende, a favorite author of mine on LinkedIn, shares valuable insights on innovation. We agree on three key points (right, Hugo?) innovation is poorly understood in Brazil, it's primarily about business and the economy, not just science and technology, and Brazil needs to improve its business environment and modernize its institutions to foster innovation. Even operating under the Brazilian business environment and institutional constraints, CNPEM’s innovative model provides a template for what is possible to do in the country regarding science and technology, and even innovation. But real change will only happen when Brazil trains and empowers a globally-minded generation of Brazilians at scale. Universidade Estadual de Campinas (Unicamp), a key player in training talent, has produced companies like the Nasdaq-listed CI&T showcasing successful examples of research-industry partnerships. Interestingly, CNPEM harbors ILUM (https://ilum.cnpem.br/), a highly innovative, project-based higher education program. Federal universities in Brazil need reinvention, and ILUM's innovative setup could serve as an inspiration. It reminds me of what my friend João Jornada achieved during his tenure at Inmetro, combining cutting-edge research with education, creating the opportunity for students to work with cutting-edge science tools, in globally relevant projects. Any thoughts BR colleagues? If you are not Brazilian: to these points resonate with your reality? Comments?

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🚀 This one’s for the founders: a masterclass in execution and innovation. This week, I sat down with Adhemar M., founder and CEO of Kovi, a Brazilian company redefining mobility through car subscriptions and connected tech in a market plagued by high costs and limited credit access. Backed by ~$145M in funding from the likes of Valor Capital Group, monashees, MAYA CAPITAL, Globo Ventures, Norte Ventures and Peter Thiel's family office, Kovi is addressing high car costs, tough credit barriers, and insurance gaps in one of the world’s most exciting markets. What we covered 👇🏻 ​🔑 Driving innovation: How Brazil’s mobility challenges are powering market transformation ​🤝 Connect the dots: Building stronger founder/VC partnerships through transparency and market education ⚙️ Complexity doesn’t scale: Lessons in building efficient, scalable operations 🌐 Break down silos: Creating synergy between tech and operations in a startup ​⚡ Clean win: How Brazil’s renewable edge and gig economy lead the EV growth Link in comments—don’t miss this one! 🎧 PS: Thank you Vander Corteze, MD for the intro to Adhemar and for some excellent question suggestions 👏🏻

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How to approach due diligence with emerging managers? Tips & tricks from Rodrigo Ferreira, Investment Director at Vinthera. 1/ Strategy. Define your unique USP. How do you stand out in front of founders? Think about it. Why should founders take your money? Are you a specialist or a generalist? If you are a specialist? What specific field are you picking? Why? What is the added value you add to founders? Will your presence in their cap table have a meaningful impact? 2/ Portfolio Construction. Something that is very often overlooked by GPs. Understand the different dynamics that play there and how much ownership has an impact. What about you? How do you approach due diligence and the performance of an emerging manager? Join the conversation in the comments section. 🔽 #venturecapital #startupfunding #angelinvesting #Europe

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Healthcare in Brazil is a $200B market. Broken, inefficient and extraordinary complex 🤯 Today we are digging in the story of Alice, one of Brazil's largest health tech startups, backed by the likes of KASZEK, SoftBank Latin America Fund, Globo Ventures, MAYA CAPITAL, Canary, Endeavor Catalyst and ThornTree Capital Partners and Allen & Company LLC. 👇🏻 For this week’s episode of The J Curve I sat down with André Florence and Guilherme [Gui] Azevedo, Endeavor entrepreneurs and co-founders at Alice. Prior to launching Alice, Andre was a CFO at Brazilian first-known tech unicorn 99 and led the company through the acquisition by Chinese Didi; and Gui was a co-founder of a chain of healthcare clinics dr.consulta. We discuss 👇🏻 1️⃣ Alice partnership playbook: how to build a co-founder relationship that lasts? 2️⃣ Growth at all cost is dead: five lessons learned from pivoting towards efficiency 3️⃣ The vicious cycle: why healthcare innovation is broken in Brazil and how tech natives can fix it?  4️⃣ Fasten your seatbelts: how to build a resilient startup culture in a volatile market? 5️⃣ Breaking the mold: the biggest challenges of challenging the status quo industries Watch / listen to the episode by tuning into The J Curve podcast on 👇 Youtube 👀 ===> https://lnkd.in/e2NkfkS2 Spotify 🎙===> https://lnkd.in/eAdG-aXy Apple Podcast 🍏 ===> https://lnkd.in/eepvjPnd Please enjoy this wide-ranged conversation!

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We’ve got something really special for you on the latest episode of The J Curve 💥 I sat down with Marcelo Maziero and Fernando Fontes, the brilliant minds behind CERC, to talk about how they’re transforming Brazil’s $5 trillion receivables market into a globally recognized model 🇧🇷🔥 An important milestone in their success was securing a $100 million funding round led by Mubadala Capital, the investment arm of Mubadala, one of the world’s largest and most respected sovereign wealth funds based in Abu Dhabi. Mubadala is known for its strategic investments in sectors that shape the future, and their backing of CERC underscores the transformative potential of the company. We discuss 👇🏻 1️⃣ CERC’s $5 trillion bet: how reinventing receivables is transforming Brazil’s financial infrastructure? 2️⃣ Regulation as strategy: how CERC turned compliance into a competitive advantage in Brazil’s fintech landscape? 3️⃣ Brazil-specific strategy: how deep understanding of industry pain points can fuel innovation? 4️⃣ Co-founder chemistry: how the right partnership drives startup success? 5️⃣ Long-horizon funding: how CERC secured $100M by aligning with investors who understand infrastructure and share a long-term vision? This episode is a must-listen for entrepreneurs and investors alike, offering deep insights into the intricacies of scaling a fintech in Latin America. [🔗 in comment 👇🏻] #Entrepreneurship #Fintech #Brazil #Podcast #Innovation

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Brazilian fintech Tako emerges from stealth with sizable seed round led by a16z and Ribbit Capital via TechCrunch ---------- I noted the interesting use case of LLM "Tako uses an LLM (large language model) to keep up with these constant changes. The LLM ingests the labor law and union law data and digests it" but "keep humans in the loop to ensure accuracy, but having the LLM get a head start saves a lot of time." I think this is a smart way to use LLM ? Don't you think ? ---------- Tako #Fundraising #Fintech #HR #Payroll #Onboarding #LLM #Brasil #Brazil #HitL #innovation #StartupBrasil #AI ##HumansInTheLoop #ArticlficialIntelligence #seedRound #startup

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We’ve got an amazing story lined up for you today on The J Curve! 🎯 In this episode, I sat down with Sergio Furio, chairman of Endeavor Brasil and the visionary founder and CEO of Creditas, to unpack his incredible journey from BCG consultant in New York to one of Brazil’s leading fintech pioneers. We dive deep into everything from why Brazil was the ideal market for Creditas to the pros and cons of being a solo founder, how to structure a cap table for the long game, and what makes Endeavor such an extraordinary network for entrepreneurs. Creditas, now valued at $4.8 billion, is backed an impressive lineup of investors like Fidelity Investments, VEF, SoftBank Investment Advisers, Advent International, Lightrock, QED Investors, KASZEK, and Redpoint eventures. This high-growth private company operates with the rare transparency of a publicly traded firm, so this conversation was a real pleasure packed with insights. Here’s what we discuss 👇🏻: 🎯 The Market Matters: How choosing the right market can make or break your startup—and why Brazil’s credit landscape was ripe for disruption. 📈 Profitability Roadmap: Why Creditas’ path to profitability focused on smart margins and resource management, not just cost-cutting. 🤝 Smart Capital, Stronger Foundations: The long-term benefits of choosing investors who align with your mission and add strategic value. 👥 From 6 to 2000: The Creditas team-building playbook—Sergio hires for grit, vision, and resilience, not just résumés. 💡 Breaking the Mold: How Sergio’s fresh perspective as an outsider helped him spot opportunities that others missed. PS: Dave Nangle and Manoel Lemos - Sergio spoke so highly about you in our conversation! PPS: Adrian Garcia-Aranyos - thank you so much for introducing me to Sergio and for some excellent question suggestions. They made all the difference 👏🏻 Founders, if you’re aiming to build a resilient, scalable business that solves real problems, don’t miss this one. 🎧 [🔗 in comment]

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If you are curious to learn about angel funds, their difference to other angel investing models and how it reduces the risk of investing in startups, come listen to this episode of VC10X podcast. Here, Prashant Choubey and I talk about this and much more. Thank you Prashant for this conversation! #angelinvesting #startups #innovation #angels #angelfunds #coreangels

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Inspiration for entrepreneurs: :   'My advice is to focus on the importance of forging a long term relationship, whether with colleagues, partners, or customers. It is often easy to get caught up in short term decisions.'   @Sheila Lirio Marcelo, Founder of Care.com   #RelationshipBuilding #LongTermSuccess   Develop lasting business relationships with The Cantillon's guidance.

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🌟 Proud to share this comprehensive report on Investing in Minas Gerais (my state) from the Financial Times! 🚀 🔍 Key Insights: - Minas Gerais: Brazil's bellwether state, reflecting the nation's diverse political, economic, and social fabric. - Governor Romeu Zema: A potential dark horse in Brazil's next presidential race, navigating the delicate balance between business and politics. - Belo Horizonte: Embracing tech and quality of life initiatives to rejuvenate Brazil's first large planned city, confronting modern-day challenges head-on. - Brumadinho Dam Disaster: The 2019 tragedy continues to shape global mining industry standards, highlighting the importance of safety and transparency. - Lithium Potential: Minas Gerais emerges as a hotspot for lithium exploration, revitalizing regions once overlooked. - Niobium Niche: Delving into the energy sector, Brazilian niobium gains attention with implications for global markets. 📈 Don't miss this opportunity to gain insights into how Minas Gerais is driving Brazil's future! Dive deeper into the report here: #Investing #MinasGerais #Brazil #Economy #Insights 🇧🇷 https://lnkd.in/dGmJmUrr

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Five big ideas from my The J Curve conversation with Marcelo França Corrêa, founder and CEO at Brazil's fintech infrastructure leader Celcoin 👇🏻 1️⃣ Three key decisions that propelled Celcoin to success: pivoting to b2b, integrating Pix and strategic M&As 🚀 Pivoting to B2B Infrastructure: Recognizing the limitations of a B2C model, Marcelo shifted Celcoin to focus on B2B payment infrastructure, enabling sustainable growth and leveraging their core strengths Integrating PIX: Instead of resisting the disruptive PIX system, Marcelo incorporated it into Celcoin’s offerings, safeguarding the business and fueling exponential growth Strategic M&A: Marcelo’s targeted acquisitions complemented Celcoin’s products, allowing rapid expansion while maintaining a strong company culture 2️⃣ Fundraising Tips: Start Early, Communicate, and Understand Expectations 💸 Build relationships early: Marcelo began investor engagement years ahead, establishing trust and credibility that paid off when funding was needed Consistent communication: regular updates on performance and milestones build investor confidence Understand stage-Specific expectations: tailor your approach to align with the distinct priorities of early and later-stage investors. For later-stage investors, emphasize key metrics, revenue quality, and scalability to demonstrate the stability and growth potential of your business 3️⃣ To build a scalable tech product, consider adopting a modular architecture 🛠️ Celcoin’s modular infrastructure allows flexibility, serving diverse clients efficiently without heavy customization, which is key to scaling 4️⃣ When growing via M&A: focus on strategic fit, prioritize product and cultural integration, and build a playbook for integration 🤝 Strategic fit: acquisitions should complement your existing capabilities and align with long-term goals Integration focus: success lies in integrating products and maintaining the acquired company’s culture to preserve innovation Create a playbook: A systematic approach to integration maximizes value and minimizes disruption. 5️⃣ The fintech infrastructure market in Brazil alone is worth at least $20 Billion and is poised to grow rapidly 🌐 The future of financial services in Brazil is being shaped by regulatory changes, digital payments, embedded finance, and open banking. For fintech infrastructure startups, this represents a vast and growing revenue opportunity. Startups that can build scalable, flexible infrastructure solutions will be well-positioned to lead in this rapidly evolving market Check out our newsletter for more takeaways from this conversation 🔗⬇️ #entrepreneurship #venturecapital #leadership #thejcurvepodcast

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Brazil is a crypto hub and if you’re a VC not paying attention to this region your missing out.. After being here only a few days, have met many incredible founders, investors, and startup talent. I wouldn’t be surprised if in the next few years there are most exits and VCs coming out of Brazil. #crypto #web3 #blockchain #latam #emergingmarkets #investors #founders #builders #startups

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Dear friends, we’re thrilled to announce that we’re (finally) launching our set custom of gen-ai solutions for the Brazilian market at the #riosebsummit. AI is a game changer for everything analytics. It’s all in Portuguese for now (sorry!),hit me up and we can walk you through our approach and why it’s different. A hint: it’s all powered by Observable. Everything is light-weigh, modular, auditable and reproducible. You can check it out at https://ai.belo.re

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Third and last part of my post with some insights from the #fundraising of our latest fund. Some of the tools we used and how we managed to get the finish line successfully!

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I had a great time recording this episode with Manoel Lemos, full of incredibly interesting stories and very insightful views on global expansion, Silicon Valley and the future of AI. I hope you like it! Hey-ho, Manoel!

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Fundraise like a Brazilian Steakhouse... Startups often kick off their fundraise far too prematurely, long before they have their fundraise details and fundraising assets game-time ready. Tundra Angels once had an experience where one of our investors remarked, "The founders aren’t ready for this. It feels like we are pulling all of this information out of them. This information should all be assembled already.” Just like an experience at a Brazilian Steakhouse, I see startup fundraising in a very binary way: Green Card 💚 - “I’m fundraising” - means that you have your fundraising dialed in and all of your fundraising assets in place to send out at a moment’s notice. Red Card 🔴- “I’m not fundraising” - means that you don’t have all of your fundraising assets in place. Don’t flip your card and say you’re fundraising until you’re game-time ready. ✅ Startups should assume that they will only get one shot with an investor. Don’t waste your one impression by making the wrong impression by telling investors you are fundraising when you are not “game-time ready” to bring in investor funds. ✅ ------------------ What does "game-time ready" mean? I go into this and more in the article 👇 "Fundraise Like a Brazilian Steakhouse" https://lnkd.in/gZuQW894

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